The UK’s Consumer Price Index (CPI), which measures inflation, rose 3.6% year-on-year in October, according to data released by the Office for National Statistics (ONS) on Wednesday morning, November 19. This compares to 3.8% in September and was below expectations of a slowdown to 3.5%.

On a monthly basis, the CPI rose 0.3% in November, compared to 0.6% in October 2024. The core CPI, which excludes food, energy, alcohol, and tobacco prices, rose to 3.4% in November from 3.5% in September, matching expectations.

According to the breakdown of the index, the annual rate of food and non-alcoholic beverage prices rose to 4.9% from 4.5%, while inflation in the services sector slowed to 4.6% from 4.9% in October.